(Yicai Global) Oct. 23 -- Tencent-invested Chinese short video platform Beijing Kuaishou Technology will list in Hong Kong next year, and has identified Bank of America and Morgan Stanley as its sponsors.

The specific timetable is still to be determined, Kuaishou said, adding it aims to go public in the first quarter, Tencent News reported yesterday.

The video app’s staffers have been working round the clock to prepare filings, the report cited a person familiar with the matter as saying.

The company has secured 10 rounds of financing from Sequoia Capital, Baidu, Tencent Holdings and others since its 2011 founding. Tencent invested USD1.25 billion in Kuaishou in August to bring its valuation to USD25 billion. Tencent, YF Capital, Temasek and Sequoia Capital pumped a total of USD3 billion into it in December to jack its value up to USD28.6 million. Tencent is its largest institutional shareholder, with almost 20 percent, Beijing Business Today earlier reported.

Kuaishou was mulling a US listing last year, Bloomberg reported in September, but this stalled in the first half, prompting it to refocus on Hong Kong this year, for reasons the report did not mention.

The firm has not yet handed its application to the Hong Kong Stock Exchange and so cannot conclude its listing there within the next one to two months, based on the bourse’s listing procedures.

The company gained about CNY13 billion (USD2 billion) in advertising revenue last year, and this year's target is CNY40 billion, according to Tencent News. Kuaishou, Morgan Stanley and Bank of America were all unavailable for comment on the report.

The company’s number of daily active users topped 300 million earlier this year, its last year’s content report released in February shows.

Editor: Ben Armour